Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
An operative bankruptcy order triggered the statutory travel restriction under the Insolvency and Bankruptcy Code, so the bankrupt could not travel abroad without permission of the Adjudicating Authority. The Court distinguished this consequence from impounding under the Passports Act, holding that the Bankruptcy Trustee's communications merely conveyed the existing legal restriction and did not amount to unlawful passport seizure. It also held that the Trustee acted within statutory duties in securing compliance with the bankruptcy process, and that the petitioner had an efficacious remedy before the NCLT, including seeking permission to travel. The writ petition was dismissed as an attempt to bypass the statutory mechanism.
An operative bankruptcy order triggered the statutory travel restriction under the Insolvency and Bankruptcy Code, so the bankrupt could not travel abroad without permission of the Adjudicating Authority. The Court distinguished this consequence from impounding under the Passports Act, holding that the Bankruptcy Trustee's communications merely conveyed the existing legal restriction and did not amount to unlawful passport seizure. It also held that the Trustee acted within statutory duties in securing compliance with the bankruptcy process, and that the petitioner had an efficacious remedy before the NCLT, including seeking permission to travel. The writ petition was dismissed as an attempt to bypass the statutory mechanism.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4813 
Join Channel 
